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A former UBS trader is facing extradition after he was charged with conspiracy to manipulate the Libor rate by US authorities, following the bank’s $1.5 billion fine for its role in the scandal.

British trader Tom Alexander William Hayes, 33, was charged yesterday alongside Roger Darin, a 41-year-old Swiss trader, by the US Department of Justice. Hayes will also be charged in a New York federal court with wire fraud.

He was among three men arrested by the Serious Fraud Office. According to reports, the US charges are likely to spark a wrangle between UK and US authorities over Hayes’ case.

There is only one way some bank traders are going to operate within the law if they know it wll mean them being hauled before the courts to face justice. I trust Darin and Hayes will if found guilty spend time behind bars in the States.

It seems to me that the US has started a new business, and is making fat profits from it, hauling up people on charges and levying massive damages from them on that pretext.

Pity they are not as zealous in admitting their shortcomings and paying massive damages to people outside the States for the harm that their regulators didn't do anything about which went on to cause massive losses.

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